The reform and development prospects of the blockchain domain name project BitDNS for the domain name industry
BitDNS CEO Karen New was invited to be the AMA guest in Crypto Talkz Community on March 11 at 20:00 (UTC+8) . And the whole AMA content is as following：
Host: Let’s start our AMA and please welcome BitDNS CEO Karen New
A: Hello, everyone, I am BitDNS CEO Karen New. I have been researching and exploring the blockchain industry for a long time. And I have done many works for blockchain projects, such as strategic guidance and the construction of smart contracts, etc. I also have some experience in Tokenomics, DAPP and so on. It is my pleasure to be invited by the Crypto Talkz community and share some knowledge about BitDNS and its exploration and study on blockchain technology.
1Q: As I know, the BitDNS domain name system is mainly known for its blockchain domain name system. Could you please share with us what is the traditional DNS and decentralized DNS?
DNS is simply known as the Domain Name System, and it is the basic service of the Internet. As a database that maps domain names and IP addresses to each other, DNS makes it easier for users to access the Internet. It is used to convert machine-identified addresses into human-identifiable addresses (such as google.com, baidu.com, etc.). Since computers can only recognize IP addresses and cannot recognize domain names in network communication, DNS services can facilitate users to access the Internet more conveniently without remembering IP addresses. DNS realizes the translation function of IP addresses and domain names.
Compared with traditional DNS, decentralized DNS is mainly based on a new type of Internet with blockchain technology as the bottom layer. For example, BitDNS focuses on providing blockchain domain name and domain name data resolution services for blockchain networks, helping enterprises and individual users to participate in digital assets transactions and manage value data information on blockchain more conveniently and safely. Unlike the infrastructure of traditional domain name service, BitDNS’s smart contract can replace the roles and processes of most registrars. Any organization or individual can create subdomains by the rules of the registry. The resolution system acts as a translator to translate domain names into hash addresses and some major public blockchain addresses. Based on the cross-chain design, BITDNS can serve the existing public blockchains like Ethereum, IPFS, etc, which makes file access, address transfer, and smart contract invocation more convenient and fast.
2Q: As you mentioned from above, BitDNS mainly focues on decentralized domain name system. I am curious, the current traditional DNS can’t satisfy our needs now? What are the advantages of the decentralized “Domain Name System” compared to the traditional “Domain Name System”?
In fact, most users might think that, there is no obvious difference between these two DNS systems. But from a technical perspective, traditional DNS has many disadvantages. Due to historical reasons, the traditional DNS is highly centralized, and the stability of the entire system relies heavily on the central node. And centralized structure caused the contradiction of security and performance, so that DNSSEC security extension protocol has been quit for many years, but the popularity is still not very optimistic. As one of the underlying foundations of the entire Internet service, DNS handles billions of Internet access requests from around the world every day. If the DNS server crashes, users wouldn’t be able to access the Internet. Due to the fragility of its architecture, it is easy to cause large-scale network crash. For example, the two large-scale crash incidents that occurred in AWS this month, has caused a huge bad impact on users.
From the following performance comparison table, you can obviously see that, compared with traditional DNS, BitDNS has made a lot of reform and optimization to its drawbacks.
3Q: Everyone is very interested in BitDNS. Would you please give more info about BitDNS to us?
BitDNS is committed to building a decentralized cloud computing platform to build the core infrastructure to achieve DWeb4.0. Our vision is to build a pure decentralized network ecosystem. In the future, the services based on the BitDNS decentralized cloud computing platform will include: elastic computing, edge computing, Internet of Things, distributed AI computing, distributed application components (database, storage, CDN, streaming media, microservices, messaging services, etc.). Application scenarios will include: websites, APP servers, forums, blogs, chat tools, cloud computers, cloud live broadcasts, cloud games, e-commerce/O2O, etc. Among them, BitDNS’s domain name resolution technology will serve as the core component and key interconnection tool for the realization of decentralized cloud computing platform.
4Q: Are there any similar projects like BitDNS in the market? If yes, then what are the advantages of BitDNS domain name resolution?
If we just compare them from the domain name product perspective, now there are Ethereum-based ENS and Unstoppable Domains projects, but ENS only supports the resolution of digital currency addresses, and it is difficult to connect the traditional information Internet and the underlying blockchain. And the application scenarios of Unstoppable Domains are also relatively limited.
You can take a look at the comparison of these three projects in the following graphic:
5Q: Can you briefly introduce the investment value of BitDNS?
A: Regarding the investment value of BitDNS, I will give you a brief introduction from two angels. The first is the hype value of domain names. The current decentralized domain name hype market is just like the eve of the Internet’s outbreak, which is a blank market with huge commercial potential. A good domain name is easily discovered by some commercial institutions. Imagine if you had several domain names like “www.geeogle.com” more than ten years ago, you may have millions of dollars now.
The second is the practical value of domain names. As we all know, the relationship between the blockchain domain name and the wallet address is like the relationship between the .com domain name on the Internet and the IP address and mailbox system. It has many application scenarios. The blockchain domain name has the features, such as high recognition, and user-friendliness, which solves the problem that the traditional address is easy to make mistakes and is convenient for the user to transfer assets. We can say that the blockchain domain name is the foundation of the blockchain. In addition, domain name resolution is the key to the interaction between users and business. And domain name resolution is essential for the access to the website. In the same way, BitDNS will be indispensable if you want to access decentralized websites and applications.
6Q: How can ordinary users purchase BitDNS’s decentralized domain name?
A: On January 16, 2021, our team officially launched the BitDNS APP. The current BitDNS APP already has the “domain trade” function. Users can search for their favorite domain names. Currently, users can use DNS and USDT to purchase the domain names. The domain name will be yours forever after purchase, and users who have the domain name can enjoy various services of the subsequent development of the APP.
With the continuous study and development of our technical team, BitDNS APP will gradually launch a variety of application services such as BitMail encrypted mailbox, BitAppStore, BitDNS cloud game system, BitDNS cloud live broadcast system, BitDNS cloud desktop system, BitALLSNS which isdiversified social network services, etc. This is the download link of our APP: https://www.bitdns.vip/BitDNS.apk
In the future, BitDNS APP will become a platform which will integrate multiple applications, and users can enjoy the one-stop multi-dimensional service of “one APP, multiple functions”. Similar to the current WeChat app, users can enter through the interface of the domain name system account, then use all the functions and services of the APP.
7Q: What is the technical progress and development plan of BitDNS?
A: Of course, we have been continuously carrying out daily technology research and development according to the plan, and gradually improving our ecology. The progress of our technology development is as following:
- 3.31.2021 BitDNS domain name resolution client/APP will be completely available
2. 6.30.2021 BitDNS wallet version 1.0 will be available, and the core module of the BitMail mailbox system will be available, too.
3. 12.31.2021 BitDNS one-click cloud access, one-click decentralization tool online, BitMail mailbox system will be completed
4. 12.31.2022 DWeb4.0 system will be completed
5. 12.31.2023 IPv8/rTCP decentralized cloud computing network will be completed
Let’s move to our Last Segment — Twitter Questions
1,Can you share with us the BitDNS “domain name system”? What is CORN’s role in this system? @asepsur58799258
BitDNS is committed to building a decentralized cloud computing platform to build the core infrastructure for implementing DWeb 4.0. Our vision is to build a pure decentralized network ecosystem.
Corn is the first liquid mining Token in the BitDNS system. It is also the domain name value mapping Token in the BitDNS ecosystem, and it is an important part of the whole BitDNS ecosystem. BitDNS will distribute a portion of its future domain name sales to CORN holders. Unlike other DEFI projects, CORN is a valuable asset.
2,How to get $DNS and do staking of $DNS? @Namcam899
Now, you can buy DNS with USDT on MXC, BitTok, BTCMAX, BTEX exchanges. Moreover, you can also trade DNS on Uniswap. Here is one of the medium article: https://link.medium.com/emYXaE31web
3, What do you think about the boom of the NFT + DeFi association that is causing so much interest in the world? How does BitDNS take advantage of and exploit this reality? @Pandora_VN
2020 is the year of DEFI outbreak, and blockchain industry in 2021 should be like this: DEFI is still hot, NFT attention is increasing. So more and more relevant quality projects will be launched.
The decentralized domain name launched by BitDNS domain name system comes with NFT attribute, and BitDNS will be launched on the Huobi ECO chain (HECO) soon. In the future, BitDNS will serve users in a wider range, allowing users to experience the real value brought by NFT.
4, NFT is one of the hottest topics after DeFi. So, do you plan to provide any financial services related to NFTs？@BilalTrl2
In fact, the decentralized domain name launched by the BitDNS domain name system comes with NFT attribute. BitDNS will be launched on HECO soon and we are also in contact with more public blockchain projects to jointly build the underlying infrastructure of blockchain world. What’s more, compared to the hype value of other NFT, it is pretty important that our domain name has practical value.
5, Will a decentralised domain make difference in speed and realibility from traditional domain? What’s difference？@Ontortk
The traditional domain name resolution process is “centralized”, requiring to search layer by layer, and then send feedback, and the stability of the whole system depends heavily on the central node. All DNS resolution processes rely on centralized servers, and this design mechanism may lead to problems in Internet access requirements, such as hackers hijacking domain names, etc. However, decentralized domain name resolution process is “decentralized” and “near principle”, and faster.
Learn more：
Website: http://www.bitdns.vip
Telegram: https://t.me/bitdnsenglish
White paper: https://www.bitdns.vip/images/whitepaper_en.pdf
Twitter: https://mobile.twitter.com/BitdnsO?s=09
Reddit: https://www.reddit.com/user/BitDNS
Facebook: https://m.facebook.com/BitDNSofficial
